THE PORT AUTHORITY OF NY & NJ

Press Release Article

PORT AUTHORITY BOARD TAKES ACTION ON SEVERAL ITEMS

Date: Nov 15, 2007Press Release Number: 93-2007

At its monthly meeting this afternoon, the Port Authority Board of Commissioners authorized the following:

an amendment to a lease supplement with Hudson Tank Storage Company that provides for deferral of the Port Authority’s right to terminate Hudson Tank’s Port Newark leasehold until 2017 in exchange for an increased rent payment;

a two-year contract extension with the New York City Economic Development Corporation under which the Port Authority will continue to act as the terminal operator at the Brooklyn Cruise Terminal on Piers 11 and 12 in Brooklyn, as well as options, subject to mutual agreement, to further extend the contract for three additional one-year periods;

agreements with various federal, state and local law enforcement agencies for the purchase of certain equipment by the Port Authority to enhance the coordination of maritime security efforts for law enforcement vessels in the Port of New York and New Jersey as part of the United States Department of Homeland Security 2007 Port Security Grant Program; and

a Port Authority plan of financing as part of an approval process required by the federal tax law for certain municipal obligations and provides the Port Authority with flexible access to the financial markets.